 Morning Dispatch |
Bira brews debt trouble?; Investors’ Ather bonanza
Want this newsletter delivered to your inbox?
I agree to receive newsletters and marketing communications via e-mail
Thank you for subscribing to Morning Dispatch
We'll soon meet in your inbox.
Happy Wednesday! Alcoholic beverage maker B9 Beverages has run into trouble with some debt investors. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ ETtech Done Deals
■ GPU procurement: Round II
■ Paytm Q4 revenue dips
Ankur Jain, founder, B9 Beverages
B9 Beverages, the company behind Bira beer, has delayed interest payments to some debt investors via the fintech marketplace KredX, as it battles a cash crunch.
Driving the news: A retail investor with exposure to Bira told ET that he has yet to receive interest payouts for March and April on his KredX investments.
While companies typically raise debt from banks, fintech firms like KredX enable retail investors to participate in such deals.
From the horse’s mouth: Ankur Jain, founder of B9 Beverages, told us the company is not in default. “Any delays on specific limits are pre-aligned with KredX under the provisions of the agreements, and we are not in default of any obligations,” he said. B9 has worked with KredX for over six years.
Liquidity issues: The New Delhi-based firm has faced liquidity pressure over the past year.
Financials: Revenue dropped, and losses ballooned in FY24.
Ather Energy promoters and major shareholders saw their investments more than double, even as the stock ended its debut day in the red.
Listing returns: Founders Tarun Mehta and Swapnil Jain, along with key investors, now hold a combined stake worth Rs 7,056 crore, or 2.22 times (2.2x) their pre-IPO investment.
Early backers: Flipkart cofounders Sachin Bansal and Binny Bansal were among Ather’s earliest investors, each putting in around Rs 2.1 crore in 2014. Sachin later added Rs 400 crore, but exited before the IPO, selling his stake to Hero MotoCorp and Zerodha’s Kamath brothers – a move that cost him up to 20% in unrealised gains. Binny held on, and his original Rs 3.1 crore investment has grown to Rs 92 crore.
Also Read: Ather Energy IPO: From startup to stock market listing
What’s ahead: Mehta told us Ather is eyeing strong growth, backed by a capex-light retail model and a rising pool of value-conscious upgraders.
Zoom out: Ather’s Rs 2,981-crore public issue ran from April 28 to 30, after raising Rs 1,340 crore from anchor investors on April 26. The book-built offer was subscribed 1.43 times (1.43x), with qualified institutional buyers (QIBs) stepping in on the final day.
L-R, Keshav Biyani and Prabhu Karthikeyan, cofounders, The Good Bug
The Good Bug raises Rs 100 crore: Gut health startup The Good Bug has raised Rs 100 crore (about $12 million) in a Series B funding round led by Susquehanna Asia Venture Capital, the VC arm of Susquehanna International Group. Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, the Mumbai-based company develops probiotic and gut-focused health products targeting digestion, immunity, and metabolic health.
D2C activewear brand BlissClub raises Rs 33 crore: BlissClub, a direct-to-consumer (D2C) activewear brand focused on women, has raised Rs 33 crore in a round led by existing investor Elevation Capital. The funds will be used for meeting working capital requirements, capital expenditures, and other general corporate purposes.
Kitchen robotics startup Posha raises $8 million: Kitchen robotics startup Posha has raised $8 million in a Series A equity funding round led by venture capital firm Accel. Its cofounder Raghav Gupta, said the fresh capital will be used to expand Posha’s recipe database, enhance its artificial intelligence (AI) capabilities, and improve the user interface and product availability.
The IndiaAI Mission has shortlisted seven companies – including partners of major cloud providers like Amazon Web Services (AWS), Oracle, and Google Cloud – for the technical evaluation stage of its second Graphics Processing Units (GPUs) procurement tender.
What’s the news: The Mission has invited the firms, including Netmagic IT Services, Cyfuture India, Sify Digital Services, Vensysco Technologies, Locuz Enterprise Solutions, Yotta Data Services, and Ishan Infotech, to present their technical proposals on May 14. The IT ministry aims to procure 15,000 GPUs in this round.
GPUs remain a globally sought-after resource, with countries like the US tightening export controls on advanced AI chips to protect their technological edge and national security.
Vijay Shekhar Sharma, founder, Paytm
Paytm Q4: Revenue declines, user base shrinks | One 97 Communications, which operates digital payments platform Paytm, reported a year-on-year decrease in operating revenue for the March quarter of FY25, while marginally narrowing its net loss.
Swiggy transfers food brands The Bowl Company, Homely to Kouzina: Swiggy has entered into a strategic agreement with food service platform Kouzina to exclusively licence its digital-first food brands, according to an exchange filing on Tuesday.
Visa’s Shailesh Paul set to take over as CEO of PayU-owned Wibmo: Wibmo, the online payments security platform owned by PayU, is set to appoint Shailesh Paul, a senior executive from Visa, as its new CEO.
■ Microsoft’s new Surface laptops are cheaper. You probably don’t need them (Wired)
■ The AI arms race in hiring is a huge mess for everyone (FT)
■ Deliveroo deal shows UK still can't hang on to big firms (BBC)
Also in the letter:
■ ETtech Done Deals
■ GPU procurement: Round II
■ Paytm Q4 revenue dips
Bira maker B9 Beverages delays interest payouts amid liquidity issues
B9 Beverages, the company behind Bira beer, has delayed interest payments to some debt investors via the fintech marketplace KredX, as it battles a cash crunch.
Driving the news: A retail investor with exposure to Bira told ET that he has yet to receive interest payouts for March and April on his KredX investments.
While companies typically raise debt from banks, fintech firms like KredX enable retail investors to participate in such deals.
From the horse’s mouth: Ankur Jain, founder of B9 Beverages, told us the company is not in default. “Any delays on specific limits are pre-aligned with KredX under the provisions of the agreements, and we are not in default of any obligations,” he said. B9 has worked with KredX for over six years.
Liquidity issues: The New Delhi-based firm has faced liquidity pressure over the past year.
- It has raised around Rs 60 crore in debt from fintech platforms such as Yubi and venture debt funds, including Alteria Capital, Trifecta Capital, and Anicut Capital.
- Jain and B9 are also in talks to close a Rs 800 crore funding round.
- To date, the company has raised $457 million in funding from investors including Peak XV Partners and Sixth Sense Ventures.
Financials: Revenue dropped, and losses ballooned in FY24.
- Regulatory filings show revenue declined 22% to Rs 638 crore from Rs 824 crore the previous year.
- Net loss widened to Rs 749 crore from Rs 445 crore.
Ather Energy listing delivers strong gains for founders, investors despite muted debut
Ather Energy promoters and major shareholders saw their investments more than double, even as the stock ended its debut day in the red.
Listing returns: Founders Tarun Mehta and Swapnil Jain, along with key investors, now hold a combined stake worth Rs 7,056 crore, or 2.22 times (2.2x) their pre-IPO investment.
- Tarun Mehta: Rs 590 crore
- Swapnil Jain: Rs 590 crore
- GIC: Rs 1,226 crore
- Tiger Global: Rs 586 crore
- NIIF: Rs 538 crore
- IIT Madras: Rs 45.9 crore
Early backers: Flipkart cofounders Sachin Bansal and Binny Bansal were among Ather’s earliest investors, each putting in around Rs 2.1 crore in 2014. Sachin later added Rs 400 crore, but exited before the IPO, selling his stake to Hero MotoCorp and Zerodha’s Kamath brothers – a move that cost him up to 20% in unrealised gains. Binny held on, and his original Rs 3.1 crore investment has grown to Rs 92 crore.
Also Read: Ather Energy IPO: From startup to stock market listing
What’s ahead: Mehta told us Ather is eyeing strong growth, backed by a capex-light retail model and a rising pool of value-conscious upgraders.
Zoom out: Ather’s Rs 2,981-crore public issue ran from April 28 to 30, after raising Rs 1,340 crore from anchor investors on April 26. The book-built offer was subscribed 1.43 times (1.43x), with qualified institutional buyers (QIBs) stepping in on the final day.
ETtech Done Deals
The Good Bug raises Rs 100 crore: Gut health startup The Good Bug has raised Rs 100 crore (about $12 million) in a Series B funding round led by Susquehanna Asia Venture Capital, the VC arm of Susquehanna International Group. Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, the Mumbai-based company develops probiotic and gut-focused health products targeting digestion, immunity, and metabolic health.
D2C activewear brand BlissClub raises Rs 33 crore: BlissClub, a direct-to-consumer (D2C) activewear brand focused on women, has raised Rs 33 crore in a round led by existing investor Elevation Capital. The funds will be used for meeting working capital requirements, capital expenditures, and other general corporate purposes.
Kitchen robotics startup Posha raises $8 million: Kitchen robotics startup Posha has raised $8 million in a Series A equity funding round led by venture capital firm Accel. Its cofounder Raghav Gupta, said the fresh capital will be used to expand Posha’s recipe database, enhance its artificial intelligence (AI) capabilities, and improve the user interface and product availability.
MeitY shortlists 7 firms in second round of AI Mission GPU tender
The IndiaAI Mission has shortlisted seven companies – including partners of major cloud providers like Amazon Web Services (AWS), Oracle, and Google Cloud – for the technical evaluation stage of its second Graphics Processing Units (GPUs) procurement tender.
What’s the news: The Mission has invited the firms, including Netmagic IT Services, Cyfuture India, Sify Digital Services, Vensysco Technologies, Locuz Enterprise Solutions, Yotta Data Services, and Ishan Infotech, to present their technical proposals on May 14. The IT ministry aims to procure 15,000 GPUs in this round.
GPUs remain a globally sought-after resource, with countries like the US tightening export controls on advanced AI chips to protect their technological edge and national security.
Other Top Stories By Our Reporters
Paytm Q4: Revenue declines, user base shrinks | One 97 Communications, which operates digital payments platform Paytm, reported a year-on-year decrease in operating revenue for the March quarter of FY25, while marginally narrowing its net loss.
Swiggy transfers food brands The Bowl Company, Homely to Kouzina: Swiggy has entered into a strategic agreement with food service platform Kouzina to exclusively licence its digital-first food brands, according to an exchange filing on Tuesday.
Visa’s Shailesh Paul set to take over as CEO of PayU-owned Wibmo: Wibmo, the online payments security platform owned by PayU, is set to appoint Shailesh Paul, a senior executive from Visa, as its new CEO.
Global Picks We Are Reading
■ Microsoft’s new Surface laptops are cheaper. You probably don’t need them (Wired)
■ The AI arms race in hiring is a huge mess for everyone (FT)
■ Deliveroo deal shows UK still can't hang on to big firms (BBC)
Want this newsletter delivered to your inbox?
I agree to receive newsletters and marketing communications via e-mail
Thank you for subscribing to Morning Dispatch
We'll soon meet in your inbox.
